Valuation result

The_Palmist

This is going to be my first house purchase. House was advertised for 129K, vendors have had it on market before for 139k [according to them].

After some negotiations we agreed on 122K.

I have received valuation report [not details] which values it at 122K and say could do with minor repairs but doesn't state what exactly.

Is this normal ?

Does the surveyor knows about the selling price or is it just coincidental that they valued it at the same price I am buying it for.

Its still advertised [STC] for 129K.

I have been around a couple of times and there's nothing which need immediate fixing.

There's hasn't been any issues with mortgage etc. I am just curious about surveying.

hcb42

basically the surveyor is saying it is worth what you are paying

I am not sure I understand your query though

The_Palmist

thanks hcb, in brief, my query is:

1. Does the surveyor knows about the selling price ? or do they only know about the advertised price ?
2. Also if he/she has spent an hour or so doing the survey and found the bits which could do with improving, why is the report not specific ?

hcb42

he will know the selling price. He is protecting your m ortgage company

It sounds like a basic survey. Does the house look like it is in need of general cosmetic updating etc? Clearly there is nothing to worry the bank/building society so I wouldnt worry too much. Your deal can progress hopefully smoothly now

The_Palmist

I don't think its in need of any updating but could do with one if I can get some spare cash. I just found it interesting that it was valued at the price I will be paying. I see what you mean now, its the surveyor's way of saying that its worth what I am paying.

Thrugelmir

The_Palmist wrote: »

1. Does the surveyor knows about the selling price ? or do they only know about the advertised price ?

The surveyor is aware of the offered price. So the surveyors role is to report back to the lender whether the property is adequate security. They are not being asked to actually value the property.

bracken1011

I've been involved in property sales and mortgages for about 30 years and find it's a common though that the mortgage valuer actually puts a value on the house. They don't. As the previous reply said, they just check it represents good security for the amount you are owing. So, if you'd been able to negotiate the price down to £80,000 (for example), the valuer would have come back with a value of £80,000.

They never, ever, put a higher value on it. They will put projected higher values on renovation projects which enables people to borrow in staged payments. But that is all.

jonny2510

bracken1011 wrote: »

They never, ever, put a higher value on it...

Not true.

We've just had a property valued at more than we're paying for it